Gorey Business Park units sold for €1.55m
a ‘huge amount of concern’. ‘The biggest problem is I don’t know where we stand,’ said Joe. ‘The buildings are not in a great state and there is a huge amount of issues here.’
Business were notified last month that a large portion of the units will be put up for sale at an online auction. Tenants will not be affected by the sale.
A large section of the park went into receivership three years ago when KBC Bank were seeking a €6.2m summary judgement against business park owner Jim Osborne over loans secured on the park.
The industrial profile compromises of 34 industrial units and 10 office units, with 31 of the units tenanted and generating €242,980 annually. The tenants are concerned at the situation of the park as their businesses are trying to operate as normal, despite some uncertainty.
A receiver was sent into Gorey Business Park in early December 2015, when it emerged that KBC Bank were seeking a €6.2 million summary judgement against Mr Osborne over loans secured on the park.
Mr Osborne claimed at the time the park was extremely viable with an occupancy rate of almost 100 per cent.
Mr Osborne also claimed at a previous hearing that the bank and its project managers failed to do their work professionally, which led to a fire officer coming in. Some of the buildings in the park were closed by order in 2013, and Mr Osborne had to pay €1.2m to put matters right.
The bank claimed that despite a rental income of just over €600,000 a year, just €25,500 was paid to the them in 2014. Mr Osborne maintained that the application by the bank was part of an enforcement strategy and that the value of the asset was being maintained, as long as the park remained open.